Coal producer Rhino to switch exchanges after trouble at the NYSE

Coal producer Rhino Resource Partners LP (NYSE: RNO) announced Dec. 11 that it intends to voluntarily transfer its common units representing limited partner interests of the Partnership from the New York Stock Exchange (NYSE) to the OTCQB Marketplace (OTCQB).

On Oct. 7, the Partnership received a notice from the NYSE that it does not presently satisfy the NYSE’s continued listing standard requiring the average closing price of the common units to be at least $1.00 per unit over any period of 30 consecutive trading days. In addition, Rhino’s market capitalization recently fell below $15 million. If the Partnership’s average market capitalization for 30 trading days is below $15 million, the NYSE will immediately initiate delisting of the common units.

After considering the available options to continue compliance with the NYSE’s listing standards and the costs associated with Rhino’s continued listing on the NYSE, the Partnership determined that continued listing on the NYSE is not in the best interest of the Partnership and its unitholders.

The Partnership is completing the process of listing its common units on the OTCQB and anticipates that those units will begin trading on the OTCQB on or about Jan. 4. However, in the event the NYSE were to initiate delisting of the common units prior to the effectiveness of the voluntary transfer to the OTCQB, the common units could begin trading on the OTCQB earlier than Jan. 4.

Rhino is a diversified energy limited partnership that is focused on coal and energy related assets and activities, including energy infrastructure investments. Rhino produces metallurgical and steam coal in a variety of basins throughout the United States and it leases coal through its Elk Horn Coal subsidiary in eastern Kentucky.